topic Can I file a "final" 1041 for an estate even if there is a small bank account still open? No income is being generated. in Get your taxes done using TurboTax

Can I file a "final" 1041 for an estate even if there is a small bank account still open? No income is being generated.

pattil22862 — Thu, 06 Jun 2019 15:53:51 GMT

The account currently only has about $1000 in it and we were keeping it open to deposit my mother's final individual income tax refund before closing it totally. She passed away on 2/25/2017 so we wanted to close out the estate for the 1041 purposes on 12/31/2017. Do all accounts in the name of the estate need to be closed in order to file the final 1041?

" Do all accounts in the name of the estate need to be cl...

Anonymous_ — Thu, 06 Jun 2019 15:53:53 GMT

" Do all accounts in the name of the estate need to be closed in order to file the final 1041?"

In general, yes, since an estate is not considered terminated until all the assets have been distributed (except for a reasonable amount which is set aside in good faith for payment of unascertained or contingent liabilities and expenses).

See Treas. Reg. §1.641(b)-3